Chinese authorities have increased their crackdown on crypto mining labelling it as an “extremely harmful” practice that threatens the country’s efforts to reduce CO2.
A spokesperson for China’s National Development and Reform Commission blasted Bitcoin mining during a press conference today in Beijing.
Meng Wei stated that activity “consumes lots of energy” and “produces lots of carbon emissions.”
Ms Meng stated that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.
Meng also said that crypto production and trade produce “prominent risks,” and blasted the industry as “blind and disorderly”.
As part of the organisation’s push, the NDRC stated that it would raise electricity prices for any institution found to be abusing its access to subsidised power to participate in crypto mining.
Chinese authorities have traditionally offered schools, community centres, or other public welfare institutions lower prices for electricity.
The price of Bitcoin fell after the remarks were made, with the cryptocurrency dropping by more than 7 per cent to US$60,889 – its lowest value in more than a week.
